Adam Posen, former Bank of England board member and now the president of the Peterson Institute for International Econoimics, says private money like the virtual currency bitcoin "has a very unstable history." Posen talks with Bloomberg's Tom Keene on Bloomberg Radio's "Bloomberg Surveillance."

A little context: Adam Posen, until last year was a voting member at the Bank of England, arguing repeatedly for even more money printing. Needless to say he is fully supportive of the bitcoin project.

<warning> This one might make a few of you rage...</warning>

Note: I'm not sure how long Bloomberg keeps their rss feeds up, so this link might break soon.

It was sort of like listening to two four year olds talking about scary monsters.

The part about Dr. Posen's "Bitcoin Police" was priceless. LOL.

This may be the best example to date that some mainstream economists are no longer laughing, but are beginning to identify bitcoin as a threat. The problem is that economists like Dr. Posen are the ones advising governments and forming policy.

The membership of the board cycles very quickly through members to give all the bureaucrats their time at the feeding trough. Doling out sinecures to economists, is how they buy off any opposition to money printing.